- 15,319
Future of Individual Health for Brokers
- Thread starter ABC
- Start date
-
- Tags
- individual health
Heck, just send me my check!!!!
Figure 3 hours marketing to get to fill out that 1 application for $25. How many hours will it take you to do 25M? I should be done soon.
Okay, just the low hanging fruit, figure an hour to fill out the application. At best, I can make $25 an hour, a good, productive 8 hour day, $200. Now, I'm independent, so I have to cover all of my own benefits, taxes, plus my office expenses, phone, marketing, advertising, etc.
Not a good model if you ask me.
Dan
How is this crap? Can you not see the potential money to be made when insurance is mandatory in 2014. Can you not look at NY and MASS as prime examples now. Has the individual market completely disappeared in those 2 states? No.
With HCR, you cannot believe that the Government is going to socialize healthcare similiar to Social Security and Medicaid. However, you can expect for other smaller carriers to exit the marketplace in certain states where they have little to no marketshare.
That being said, I believe it is reasonable to look at current Medicare compensation structures to see where the individual market is headed along with the aging demographic of the baby boomers.
Better start beefing up your Medicare business....
- - - - - - - - - - - - - - - - - -
If filling out an application takes you an hour, you should not be in the business in the first place...
With HCR, you cannot believe that the Government is going to socialize healthcare similiar to Social Security and Medicaid. However, you can expect for other smaller carriers to exit the marketplace in certain states where they have little to no marketshare.
That being said, I believe it is reasonable to look at current Medicare compensation structures to see where the individual market is headed along with the aging demographic of the baby boomers.
Better start beefing up your Medicare business....
- - - - - - - - - - - - - - - - - -
If filling out an application takes you an hour, you should not be in the business in the first place...
Last edited:
From getting the client in the door, to confirming the application was received by underwriting, how long does it take you?
You can say 30 minutes, but, you need to add in time to find the client to get in the door. If you pay someone else to do that, then you are not making $25 an app.
I used to think it was going the route of the med supp business. Not sure anymore. My crystal ball broke when Harry Reid said they were not going to use reconciliation to pass this. I knew they were, so I jumped up and argued with him (on TV), broke my crystal ball. Turns out, they did pass with reconciliation, but, to late, I had already broken it.
Dan
You can say 30 minutes, but, you need to add in time to find the client to get in the door. If you pay someone else to do that, then you are not making $25 an app.
I used to think it was going the route of the med supp business. Not sure anymore. My crystal ball broke when Harry Reid said they were not going to use reconciliation to pass this. I knew they were, so I jumped up and argued with him (on TV), broke my crystal ball. Turns out, they did pass with reconciliation, but, to late, I had already broken it.
Dan
- Thread starter
- #15
- 4,096
Some of you guys are making valid posts.
As we move through 2011 lets see how many of us are left producing individual health policies. The carriers think that 2/3 rd of us will be gone.
I am sure they are just inventing numbers. Why would a carrier ever calculate the cost of obtaining a new health contract?
As we move through 2011 lets see how many of us are left producing individual health policies. The carriers think that 2/3 rd of us will be gone.
I am sure they are just inventing numbers. Why would a carrier ever calculate the cost of obtaining a new health contract?
- 5,056
there is no individual market in NY to speak of......
Repeating Rick's question, where did this number come from? And if he hadn't said it first, I would have.
If carriers can write policies direct at a lower cost than through brokers they would have done that a long time ago.
As much as they want to complain, the broker channel WAS the least expensive and most profitable way to deliver product to the consumer.
No, and yes.
We have agents here from NY & MA. Why not ask them how well the market is working for them?
We also have at least two very vocal agents from ME, another GI state. They will tell you the individual market for health insurance is dead.
Mandates won't change that.
Even with subsidies, like in MA, recent figures indicate 63% of those who asked for a waiver were granted one.
That's the first thing you posted that actually made sense.
The carriers are probably right. The folks who leave are mostly ones who would not have made it any way. The difference now is, there won't be new agents entering to pick up the slack.
If the carriers think they are going to pick up even half the business written by brokers they are mistaken. Many carriers in GA reject over 50% of direct applications on the basis of health, while the number of broker driven apps that are rejected are less than 20%.
That is a big obstacle to overcome.
Everything changes in 2014 but the Medicare comparison is a valid one, at least in terms of broker involvement.
When the government promotes a standardized, GI product (Medicare & Med supp) and the public STILL can't figure it out there is a problem.
I can understand the confusion on the part of the public for MA plans, but not basic Medicare and supps.
Then you look at how well PCIP is working. (Not!).
The CMS actuary estimated 375,000 would join PCIP or other newly created risk pools by the end of 2010.
Instead, the number is around 12,500.
In the 6 months PCIP was around they sold 12,500 policies but managed to sell over 700,000 cars in the 6 weeks Cars for Clunkers was around.
The govt needs to sell more cars and less health insurance.
- 1,926
I was somewhat encouraged when my major carrier didn't cut commissions, but effective May they are. I told a broker today that it use to be that my health commissions were sort of my play money. After the past few years they now can pay my bills and the other commissions are extra. I spent 3 hours yesterday trying to help someone get a problem fixed to have them call the company today accuse me of lying and forgery. Thankfully I had everything documented, but WTF, I'm not sure about doing this for 10%.
Any of you selling the AIG accident plan, I just bought a policy for my family.
Any of you selling the AIG accident plan, I just bought a policy for my family.
Can you explain this comment? Very abstract....
Role = order taker at $12/hr
"State officials insist they are counting on the nation’s 434,000 licensed brokers to play a vital role in implementing national health care reform; they’re just not sure what that role is"
Will health care law be a job-killer for insurance brokers?
"State officials insist they are counting on the nation’s 434,000 licensed brokers to play a vital role in implementing national health care reform; they’re just not sure what that role is"
Will health care law be a job-killer for insurance brokers?
Similar threads
